Inventiva raises $150 million in public offering to fund MASH treatment

NEW YORK/PARIS - Biopharmaceutical company Inventiva (Euronext Paris and Nasdaq:IVA), currently valued at $541.58 million, has priced its previously announced underwritten public offering of 38.96 million American Depositary Shares at $3.85 per ADS, raising approximately $150 million before expenses. The offering price represents a 5% discount to the current trading price of $4.05.

The offering, conducted in the United States only, is expected to close on November 17, 2025. Each ADS represents one ordinary share of the company. Inventiva has also granted underwriters a 30-day option to purchase up to an additional 5.84 million ADSs, representing 15% of the offering.

Leerink Partners and Piper Sandler are acting as underwriters for the offering, with Namsen Capital serving as Equity Capital Markets Advisor.

The company intends to use approximately 80% of the net proceeds to fund its ongoing NATiV3 Phase 3 clinical trial for lanifibranor, a pan-PPAR agonist being developed for the treatment of metabolic dysfunction-associated steatohepatitis (MASH), as well as preparation for an outcome trial and commercialization activities. The remaining 20% will fund working capital and general corporate purposes.

Several existing investors participated in the offering, including Samsara BioCapital, which subscribed to 5.19 million ADSs for approximately $20 million. Following the offering, Samsara will hold approximately 7.3% of Inventiva's share capital.

As of September 30, 2025, Inventiva reported cash and cash equivalents of €97.61 million and short-term deposits of €24.71 million. The company estimates that following the offering, it will be able to finance operations until early 2027, or until mid-2027 if additional warrants from a previously announced structured financing are exercised.

Trading of Inventiva's ordinary shares on Euronext was suspended on November 13, 2025, until the opening of trading of the company's ADSs on the Nasdaq Global Market.

The information is based on a company press release statement.

In other recent news, Inventiva has garnered attention from several analyst firms regarding its lead drug candidate, lanifibranor, aimed at treating metabolic dysfunction-associated steatohepatitis (MASH). Piper Sandler reiterated an Overweight rating and set a price target of $26.00, expressing confidence in the drug's Phase 3 NATiV3 trial, with results anticipated in the latter half of 2026. Meanwhile, H.C. Wainwright raised its price target to $24.00 from $20.00, maintaining a Buy rating following Inventiva's Analyst Day, which highlighted lanifibranor's unique position in late-stage development. Stifel also maintained a Buy rating with a $17.00 price target, emphasizing lanifibranor's multi-targeted approach to addressing both metabolic drivers of MASH and liver fibrosis. Additionally, H.C. Wainwright assumed coverage on Inventiva with a Buy rating and a $20.00 price target, noting the FDA's acceptance of a letter of intent for a surrogate endpoint as timely for the company's drug development. Guggenheim increased its price target from $9.00 to $13.00, maintaining a Buy rating due to increased enthusiasm for the MASH market and the target patient population. These developments reflect a positive outlook from analysts on Inventiva's prospects in the MASH therapeutic space.

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